UOL splurges $262.1m on GLS site at Sengkang West Way

It beat 7 bidders.

According to OCBC Investment Research, yesterday evening, UOL put in the top bid of S$262.1m for the GLS site at Sengkang West Way. The tender attracted eight bids and UOL’s was 3.4% above the second higher bidder’s.

Here's more:

The 99-year site has a land area of 178.7k sq ft and is located near the future Seletar Mall and Sengkang Riverside Park.

The maximum GFA allowed is 536.2k sq ft, which can yield around 550 homes. UOL’s bid translates into a psf price of S$489 psf, which we believe is reasonable. We expect breakeven and selling ASPs at S$900 psf and S$1,000 psf, respectively, which translates into an estimated RNAV accretion of 5.5 Scents per share.

Pending the award of the site and more details regarding the site plans, we maintain our HOLD rating with an unchanged fair value of S$6.01 (20% discount to RNAV).

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